New investment law to be finalised in November

The statement was made in the government-private sector forum this week, chaired by Aun Porn Moniroth, MEF’s minister.

                              garment factory workers working in the factory. (Siv Channa)

Aun Pornmoniroth said that the “new draft law” takes into account the openness, favorableness and attractiveness of investment, creating a competitive environment, especially the protection of rights and interests of the investor.

“This consideration has been in response to recent developments, economic diversification and the need to promote the private sector, which has been identified as the engine of growth,” he said.

Bretton G. Scaironi, representative for the private sector expressed his support for the new law, saying that the law will provided a good environment for attracting more investments.

“This new law is drafted at an appropriate time and is a good opportunity to think about stimulating economic growth,” he said.

According to a copy of the draft seen by Khmer Times, the law is another contribution to building a more favorable and competitive Cambodian investment environment, attract Investments, and increase opportunities for the private sector by ensuring accountability, transparency and efficiency.

Cambodia’s first investment law was established in 1993 and revised in 2003 to adjust the progress of investment.

The new investment law will be more attractive and absorb more investors because Cambodia has already signed a free-trade agreement (FTA) with China while negotiating with South Korea. Source from Khmertimes.